Following is the unofficial transcript of breaking news from CNBC's Kate Kelly. All references must be sourced to CNBC.

KATE KELLY: SCOTT, I'M HERE TO REPORT THAT UNDERWRITERS ARE AIMING TO PRICE TWITTER TONIGHT AT $27 PER SHARE IF THE MARKET MOMENTUM FROM TODAY HOLDS. ESSENTIALLY THAT IS THE OPERATIVE PRICE IN THEIR HEADS. THEY WILL MAKE A FINAL DECISION WITH OF COURSE TWITTER MANAGEMENT HAVING THE FINAL CALL AFTER THE CLOSE OF TRADING TODAY. MAYBE AROUND SIX O'CLOCK – TIMING TO BE DETERMINED. BUT $27 IS THE OPERATIVE NUMBER IN THE BANKERS, AND APPARENTLY THE MANAGEMENT'S HEADS AS WE SPEAK RIGHT NOW. THEY CLOSE THE BOOK A DAY EARLY. THEY ARE LOOKING AT STRONG MOMENTUM. THE PRICE RANGE OF COURSE AS STATED IS $23 TO $25 PER SHARE. SO THIS WOULD BE A NICE UPTICK ABOVE THAT STATED SHARE PRICE RANGE. AND OBVIOUSLY, A LOT OF GOOD EXPECTATIONS COMING INTO THIS, SCOTT. BUT OF COURSE, THERE IS ALWAYS THE AFTERNOON OF TRADING TO COME.

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